Tue, 20 Sep 2022 Commodity News

Ghana not benefiting from global fuel price drop due to cedi free fall – IES

  Tue, 20 Sep 2022
Nana Amoasi IIINana Amoasi III

The Institute of Energy Security (IES) is predicting an insignificant drop in fuel prices on the Ghanaian market despite drop in global fuel prices.

According to the IES this prediction will be so if the cedi remains weak against major trading currencies.

Crude Oil price has fallen by 4 per cent in recent weeks but unfortunately the cedi continues to struggle on the forex market as it closed trading close to 10 Cedis per Dollar.

Executive Director for the Institute of Energy Security, Nana Amoasi III, said although fuel prices may reduce, the instability of the Cedi is set to erode all the gains that could have been made in the oil sector.

“Prices on the global market have gone down, but our consumers may not benefit from that because our local currency, the cedi, which is the key variable in the determination of local market prices keeps depreciating against the imparting currency being the dollar,” he said.

“If the cedi continues on this tangent, then the Ghanaian consumers may not benefit from any price reduction on the international market. If we are not fortunate, and we keep seeing increases in prices we will see our prices go up. We may start selling a litre for 17 cedis,” he told local media.

—DGN online